The formula for an account that earns
compound interest is Pt = P0 ⋅ (1 + r)
t
,
where Pt
represents the balance in the
account after t years, P0 represents the
initial amount of the deposit, and r
represents the interest rate.
Carrie is considering depositing $1480 into
an account that pays compound interest.
How much will be in her account if she
receives 1.9% compound interest for
10 years? Round to the nearest cent.